The Office of Financial Research published a brief titled "Quicksilver Markets" which asserts that U.S. stock prices today are high by historical standards. The brief uses a quantitative threshold to identify potential stock market bubbles. The brief, which was authored by Ted Berg, found that markets can change "rapidly and unpredictably," and that these changes are "sharpest and most damaging" when asset valuations are at extreme highs. The brief notes that these high valuations have "important implications for expected investment returns and, potentially, for financial stability." The brief

The SEC requested an extension of a previously approved period to collect information regarding recordkeeping and other requirements for open-end investment companies under the Investment Company Act Section 11(a) and Rule 11a-3. Public comments on the collection of information must be submitted to the Office of Management and Budget within 30 days of the publication of the request in the Federal Register. See: 80 FR 13947.

The IRS publicly released a Memorandum by its Chief Counsel related to advice dated December 1, 2014. In the Memorandum, the IRS concluded that an arrangement between a multinational group and an affiliated, state-regulated captive insurance company to mitigate foreign currency risk does not constitute "insurance" for federal tax purposes. The parent of the multinational group entered into contracts on behalf of certain of its members to protect it against a loss of earnings due to either an increase or decrease in the value of certain specified foreign currencies. Each month, parent and

The IRS issued Notice 2015-25, which indicates that taxpayers are eligible for either the renewable electricity production tax credit ("PTC") or the energy investment tax credit ("ITC") with respect to a qualified facility, if construction on such facility began before a specified time. Consistent with recently enacted legislation, the notice confirmed that a taxpayer would be eligible for the PTC or the ITC if construction on a qualified facility began before January 1, 2015 and the facility was placed in service before January 1, 2017. In a series of prior notices ( Notice 2013-29, Notice

ISDA published its SwapsInfo 2014 Year in Review, which analyzes market trends and trading volumes in 2014. According to the review, derivatives users are trading a greater number of interest rate derivative swaps, but in smaller sizes. See: ISDA Press Release: SwapsInfo 2014 Year in Review.